Oman to cut October crude allocations by 20pc

Oman has informed its term crude customers of a roughly 20pc cut in allocations for supplies that load or are delivered in October, the oil ministry said.

The cut in allocations signals Oman's intention to maintain strong compliance with its Opec+ output quota.

Oman is one of 10 non-Opec signatories to the Opec+ production restraint deal. It agreed to cap its crude output at 682,000 b/d during May-July and 722,000 b/d for August-December.

Oil ministry figures show Oman ended up just below its quota in May, with production of 679,300 b/d and was slightly above the ceiling in June at 683,600 b/d.

Last month Oman informed term crude customers of a 10pc cut in allocations for supplies loading or being delivered in September.

By James Keates